Aurubis achieves high earnings growth in first half-year and increases full-year forecast
Hamburg | Thursday, April 26, 2018
According to preliminary figures, Aurubis AG (Aurubis) achieved operating earnings before taxes (EBT) of € 186 million in the first half of fiscal year 2017/18 (previous year: € 118 million), a roughly 58 % increase year-on-year.
After a very good Q1 2017/18, in which the Group achieved operating EBT of € 79 million, Aurubis notably increased its operating EBT once again in Q2 2017/18. Compared to the same period of the previous year, the company raised its operating EBT in Q2 2017/18 by about 7 %, to € 107 million (previous year: € 100 million). Q2 of the previous year was influenced by a positive one-off extraordinary effect of € 26 million.
The main reasons for the higher operating EBT in Q2 compared to the prior-year period include significantly higher refining charges for copper scrap, considerably higher revenues from sulfuric acid sales, and an improved metal gain due to a slightly higher concentrate throughput with increased copper prices.
As a result of this positive business development, the Group is increasing its full-year forecast for operating EBT in the current fiscal year 2017/18:
Compared to fiscal year 2016/17, the Aurubis Group expects a moderately higher operating EBT – or an increase of between 5.1 and 15.0 %.
Aurubis’ development was remarkably strong in the first half of our fiscal year. Following an already very good Q1, we recorded significant earnings growth yet again in the subsequent three months. In addition to our high operating performance, we benefited at the same time from the fact that many of our earnings drivers developed in the right direction,
explained Aurubis AG CEO Jürgen Schachler. “The increase in our forecast is a consequence of the good half-year result.”
IFRS consolidated earnings before taxes (EBT) for the first half of fiscal year 2017/18 amount to € 233 million according to preliminary calculations (previous year: € 272 million). Q2 accounts for € 63 million of this amount (previous year: € 170 million).
Due to the sale of Segment Flat Rolled Products, which is subject to approval by the antitrust authorities, Aurubis is classifying this division as a discontinued operation in accordance with IFRS 5 in its Interim Report for the first time. This does not influence the operating result.
Aurubis will release the complete report on the first six months of fiscal year 2017/18 on May 15, 2018.